EXECUTIVE LETTER
http://www.wisegeek.com/what-is-a-executor-letter.htm An executor letter letter is signed by a judge and issued by a probate court clerk , indicating that a person or organization is authorized to act on behalf of a decedents estate estate as as an executor. !ts also called "letters of testamentary" or "letters of administration" in some jurisdictions. #he court has to appr appro$ o$ee the the exec execut utor or name named d in the the will will,, and and upon upon doin doing g so, so, the the judg judgee will will ofte often n issu issuee an executor letter. !ts often necessary to present the letter to banks and other institutions before they will transfer assets to the executor on behalf of the estate and for the executor to take control of the estate while in probate. !f the decedent dies intestate, with no will or without a $alid will, then then the the cour courtt may may appo appoin intt an admi admini nist stra rato torr who who is resp respon onsi sibl blee for for the the same same duti duties es and and responsibilities as an executor. A probate probate procee proceedin ding g is often often necess necessary ary for an estate estate that is $alued $alued o$er a certai certain n amount amount according to regional laws and for property that is not jointly owned with a right of sur$i$orship. #he execut executor or is often often the one to approa approach ch the probate the probate court court with a copy of the will and the decedents death certificate. certificate . %pon examination of the will and certificate, a probate judge will issue an executor letter if the executor has posted the re&uired bond bond.. #he executo executorr may also ha$e to obtain a surety from a third party, for which the estate often pays. 'ome jurisdictions re&uire no bond, or may honor honor a bond wai$er pro$ided in the will. (elati$es may also apply to the court for an executor letter, especially when the $alue of the estate is small. A court proceeding is not re&uired for smaller estates in many jurisdictions. #he court clerk often issues the letter without the judge in those circumstances. )btainin )btaining g an executo executorr letter letter is the key to managing the financial financial affairs of the estate. )ne of the duties of the executor is to open a bank account in his own name and to transfer monies from the decede decedent ntss bank bank accoun accounts ts into into it. A bank bank will will only only releas releasee funds funds if the execut executor or can presen presentt an exec execut utor or lett letter er,, whic which h is proo prooff that that this this pers person on has has the the auth author orit ity y to tran transfe sferr the the fund funds. s. #he executor may also decide to change the name on other accounts or assets owned by the estate, but for liability reasons, the institutions or indi$iduals holding those accounts or assets will often re&uire an executor letter before making a change. *arious go$ernmental agencies often re&uire an exec execut utor or lett letter er in orde orderr to rele releas asee fund fundss or issu issuee a taxp taxpay ayer er iden identi tific ficat atio ion n numb number er to the executor as well. !t is not necessary to write a letter of probate to act as a personal representati$e or the personal administrator for the estate of someone who has died. A letter of probate is a legal document issued by a probate court that that gi$es a person the authority authority to control and and distribute the assets of the the person who died. A person who was appointed by the deceased in a will to be the personal administrator, or a person wishing to ser$e as the personal representati$e of the estate if there is no will, uses a form application to re&uest that the probate court issue the type of probate letter that allows her to do so.
LETTER OF PROBATE 'omeone who was named in a will to handle a dece aseds estate estate is referred to as a personal administrator or +executor. 'he applies to the probate court for the authorization to co ntrol the assets of the estate and disburse them under the terms of the will. #he court then issues her a letter of probate called +letters testamentary as proof of her legal authority.
hen the deceased died without a will, the person appointed by the court upon recei$ing her application is called a personal representati$e. 'he recei$es a letter of probate called +letters of administration from the court. oth personal administrators and personal representati$es act as officers of the probate court. !n the %', the applications for letters testamentary and letters of administration are a$ailable at local county clerks offices or from clerks of circuit courts. any counties ha$e the forms a$ailable on the !nternet. #here are generally filing fees associated with the application. Applicants may also be re&uired to post a bond. !n some cases, the court may be able to wai$e the bond upon re&uest. #he applications for letters of probate re&uire pri$ate information about the d eceased and any documentation docu mentation of the death. #he applicant will also need to pro$ide the names of any +heirs, the closest relati$es related by blood, and their names and addresses. Any person specified to recei$e anything under the will should also be listed with their names and addresses. A personal representati$e should include any information regarding the wish of the deceased that she ser$e in this capacity, or reasons why she is &ualified to do so. As part of her duties, an executor or personal representati$e may ha$e to pay pa y the debts of the estate before making any disbursements. !n complicated or larger estates, she may want to consult an attorney. (easonable costs and expenses may be taken from the estate for its administration.
